Back on the climb! More new listings and more total properties for sale in Seattle this week.
As usual, we have two very differently behaving markets. Let’s talk first about houses:
A slight jump up in the number of new listings, but no surprise since last week had the 4th of July weekend represented in the numbers. What IS shocking is that we have twice as many homes going pending this year as we did last year. TWICE AS MANY! And we have 35% fewer total homes for sale. Less options and more buyers means that for houses in Seattle, it is getting really competitive and bidding wars are becoming more common. Oddly, we saw a drop in the percentage of new listings with an offer review date. Only 40% of the houses that came on the market this week have offer review dates. Of the 56% of home last week that had offer review dates, 73% of them went pending on their offer review date. That is the highest percentage we have seen this year!
Condos are a different story. Each week we have about the same number of new listings (around 100) , and about the same number of condos going pending. So the condo market is fairly stable. But considering we have about 100 new condos hit the market each week, and only about 40 condos go pending each week, we are seeing a big increase in the total number of condos for sale, and no increase in the number of people wanting to buy condos. As of this week, we have over 700 condos for sale. I won’t sugar-coat it, it is a tough market out there to be a condo seller. And a GREAT market to be a condo buyer.
** From the field ** – To illustrate this point. Y’all remember that spacious, ideally located 2-bedroom condo that I brought on the market last week? It was the MOST AFFORDABLE two-bedroom condo in Shoreline, and we got no offers on our offer review date. We priced it right, it got lots of exposure, but the condo market is just really soft right now. It breaks my heart for my sweet sellers. On the other side of that coin, I helped a buyer score a one-bedroom Shoreline condo that had been on the market for over 100 days for 15% BELOW the original list price. It is a buyers market for sure right now in Seattle and Shoreline for condos. **
We are still in the middle of a pandemic (although we are not acting like it), and we are officially in a recession, so WHY is the house market still so robust? The pandemic and all the extra time at home it has brought has made people want more space, a yard, and no community surfaces to touch. Combine that with record low interest rates and you have a surge in buyer demand for houses.